GST-registered businesses can claim GST on their expenses and imports incurred for their business purposes, subject to the normal input tax recovery rules. Incorrect claiming of GST (e.g. claiming of input tax in relation to disallowed expenses, claiming input tax based on in-house exchange rates etc)
may attract penalties and / or other fines.
This workshop will focus on businesses which are partly exempt (i.e. GST-registered persons that are not entitled to full input tax credits) and aims to provide participants with a better understanding of the input tax recovery rules applicable to their businesses.
A Highlight of Key Areas:
- Introduction
- Definition of input tax
- Definition of allowable input tax
- Categories and definition of disallowed input tax
- Partial exempt computation and longer period adjustment calculations
- Documentation requirements and common pitfalls to avoid
- Q&A